Japanese groups pledge financial support for Marlim FPSO

Jan. 30, 2020
Mitsui and Marubeni have committed to invest in Marlim1 MV33 B.V., a Dutch company established by MODEC.

Offshore staff

TOKYO – Mitsui and Marubeni have committed to invest in Marlim1 MV33 B.V. (MV33), a Dutch company established by MODEC.

MV33 has a letter of intent from Petrobras concerning a 25-year charter for the FPSO Anita Garibaldi MV33 at the Marlim field in the Campos basin, 150 km (93 mi) offshore Rio de Janeiro, Brazil.

The vessel will be spread moored in 2022 in 670 m (2,198 ft) water depth. It will have the following capabilities:

  • Oil processing: 80,000 b/d
  • Gas processing: 248 MMcf/d
  • Oil storage: 1 MMbbl

MODEC has also provided an update on the FPSO Cidade do Rio de Janeiro MV14, which was taken out of service at the Espadarte Sul field in the Campos basin in July 2018 after cracks were identified on its hull, and which has been prepared for removal operations.

In order to tow the vessel to a scrap yard outside Brazil for final decommissioning, the cracks have to be repaired and all NORM (Naturally Occurring Radioactive Material) and coral removed at a shipyard in Brazil.

However, sharing of repair costs with ESPADARTE MV14 B.V., which owns the FPSO, and insurance payments from the insurers have yet to be determined due to unfinished root cause analysis of the incident.

MODEC estimates the costs of repair and cleaning in a shipyard at around 8.5 billion yen ($78 million), and a similar amount for towing to a scrap yard. It plans to complete repair works during the current quarter.


Courtesy SBM Offshore / GustoMSC via aukevisser.nl
Courtesy Valeura Energy Inc. Corporate Overview May 2024